On October 2, 2026, Amazon was reported to be exploring a financing proposal involving thousands of Nvidia Grace Blackwell chips already installed in its U.S. data centers. The hardware was estimated to be worth about $8 billion. Under the proposed sale-and-leaseback, an investor-funded special-purpose vehicle (SPV) would take ownership of the chips, then lease them back to Amazon.
The chips in the proposal
The proposal concerns chips reportedly bought or leased by Amazon and installed across more than a dozen U.S. data centers in five states, including Nevada and Virginia. The reported figure of about $8 billion is an estimate of the hardware’s value.
How the proposed SPV would work
Amazon would transfer the chips to the SPV and lease them back for continued use. The vehicle could raise money by issuing debt and offering outside investors up to a 10% equity stake. Long-term investors such as insurers and pension funds could participate if the SPV received an investment-grade credit rating.
The reported balance-sheet rationale
The reported aim is to strengthen Amazon’s balance sheet and move toward more asset-light financing. In practical terms, the proposed structure would shift ownership and financing of the hardware to the SPV while Amazon continued using the chips under lease.
